Al-Atwani: Oil price fluctuations compel us to seek alternative sources of revenue

Iraqi News

28-04-2025

Baghdad-INA
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Monday that oil price fluctuations and their impact on the budget pushing us to seek alternative and sustainable sources of revenue.
A statement from the committee, received by the Iraqi News Agency (INA), stated that "the Parliamentary Finance Committee, headed by Atwan Al-Atwani, held an expanded two-day workshop to discuss ways to maximize revenues, in cooperation with the International Partners Foundation, with the participation of experts, consultants, university professors, and relevant official bodies."
According to the statement "the workshop focused on discussing the proposed amendments to the Federal Revenue Authority Law, where numerous opinions and proposals were presented, centering on the need to activate the Authority's work and strengthen and activate its powers, particularly with regard to the process of assessing state revenues and ways to collect them, with the aim of preserving public funds and promoting sustainable development."
Al-Atwani noted that "the workshop is at the core of our efforts to enhance the country's financial sustainability and represents a real opportunity to come up with practical, applicable recommendations that contribute to achieving our shared goals." He added that "our fruitful cooperation with the International Partners Foundation represents a valuable addition to our efforts, and we appreciate their support and expertise in this vital field." He noted that "exchanging expertise and knowledge with leading international institutions will undoubtedly contribute to enriching discussions and providing innovative solutions."
According to the statement, Al-Atwani emphasized that "the fluctuations in oil prices and their impact on the budget compel us to seek alternative and sustainable sources of revenue."
He noted that "the path towards a sustainable economy may be fraught with challenges, but it is also rich with opportunities," emphasizing that "the Parliamentary Finance Committee looks forward to this workshop being a real starting point towards building a more stable and prosperous economic future."
He continued, "Our economy's decades-long dependence on oil revenues has made the country's financial situation fragile and weakened our ability to achieve the Sustainable Development Goals, which requires serious work to overcome this dependence." "Unilateral," he stressed, "economic diversification is no longer a complementary option, but rather an urgent and strategic imperative for building a multifaceted economy based on diverse production and service sectors capable of generating wealth and creating added value." He also noted that it is "the best way to protect our economy against external shocks, expand the base of economic growth, and provide sustainable opportunities for our future generations."
He pointed out that "the ongoing fluctuations in oil prices and their impact on the state's general budget compel us to seek alternative and sustainable sources of revenue that contribute to financing development projects and improving services."